Slides
Page 1
Saputo Inc. February 5, 2026
Page 2
$350M $100M $200M $250M $200M $200M This presentation contains statements which are forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to our objectives, outlook, business projects, strategies, beliefs, expectations, targets, commitments, goals, ambitions and strategic plans including our ability to achieve these targets, commitments, goals, ambitions and strategic plans, and statements other than historical facts. The words “may”, “could”, “should”, “will”, “would”, “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”, “foresee”, “objective”, “continue”, “propose”, “aim”, “commit”, “assume”, “forecast”, “predict”, “seek”, “project”, “potential”, “goal”, “target”, or “pledge”, or the negative of these terms or variations of them, the use of conditional or future tense or words and expressions of similar nature, are intended to identify forward-looking statements. All statements other than statements of historical fact included in this presentation may constitute forward-looking statements within the meaning of applicable securities laws. By their nature, forward-looking statements are subject to inherent risks and uncertainties. Actual results could significantly differ from those stated, implied, or projected in such forward-looking statements. As a result, we cannot guarantee that any forward-looking statements will materialize, and we warn readers that these forward-looking statements are not statements of historical fact or guarantees of future performance in any way. Assumptions, expectations, and estimates made in the preparation of forward-looking statements and risks and uncertainties that could cause actual results to significantly differ from current expectations are discussed in our materials filed with the Canadian securities regulatory authorities from time to time, including the “Risks and Uncertainties” section of the Management's Discussion and Analysis dated June 5, 2025, available on SEDAR+ under the Company's profile at www.sedarplus.ca. Such risks and uncertainties include the following: product liability; the availability and price variations of milk and other dairy ingredients, our ability to transfer input costs increases, if any, to our customers in competitive market conditions; supply chain strain and supplier concentration; the price fluctuation of dairy products in the countries in which we operate, as well as in international markets; continuing economic and geopolitical uncertainties; changes in international trade agreements and policies, including those that may result from tariffs, quotas, trade barriers and other similar restrictions; actual or perceived changes in the condition of the economy or economic slowdowns or recessions; changes in consumer trends; our ability to identify, attract, and retain qualified individuals; the increased competitive environment in our industry; consolidation of clientele; cyber threats and other information technology-related risks relating to business disruptions, confidentiality, data integrity business and email compromise-related fraud; changes to or removal of tariff protection on dairy; unanticipated business disruption; changes in environmental laws and regulations; the potential effects of climate change; increased focus on environmental sustainability matters; public health threats; the failure to execute our growth strategy as expected or to adequately integrate acquired businesses in a timely and efficient manner; the failure to complete capital expenditures as planned; changes in interest rates and access to capital and credit markets. There may be other risks and uncertainties that we are not aware of at present, or that we consider to be insignificant, that could still have a harmful impact on our business, financial state, liquidity, results, or reputation. Forward-looking statements are based on Management’s current estimates, expectations and assumptions regarding, among other things; the projected revenues and expenses; the economic, industry, competitive, and regulatory environments in which we operate or which could affect our activities; international trade policies; our ability to identify, attract, and retain qualified and diverse individuals; our ability to attract and retain customers and consumers; the results of our sustainability efforts; the effectiveness of our environmental and sustainability initiatives; our operating costs; the pricing of our finished products on the various markets in which we carry on business; the successful execution of our growth strategy; our ability to deploy capital expenditure projects as planned; reliance on third parties; our ability to gain efficiencies and cost optimization from strategic initiatives; our ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; our ability to leverage our brand value; our ability to drive revenue growth in our key product categories or platforms or add products that are in faster-growing and more profitable categories; the market supply and demand levels for our products; our warehousing, logistics, and transportation costs; our effective income tax rate; the exchange rate of the Canadian dollar to the currencies of cheese and dairy ingredients. Our financial performance goals and ambitions are set using assumptions regarding, among others: the absence of significant deterioration in macroeconomic conditions; tariffs, quotas, trade barriers and other similar restrictions; our ability to mitigate inflationary cost pressure; ingredient markets, commodity prices, foreign exchange; labour market conditions; the impact of price elasticity; our ability to increase the production capacity and productivity in our facilities; the efficiency of our network and cost optimization initiatives, and the demand growth for our products. Our ability to achieve our environmental targets, pledges, commitments, and goals (together, our “environmental targets”) is further subject to, among others: the development, effectiveness and costs of solutions to reduce emissions in dairy production systems; the ability of the Company and our industry to develop sustainable incentive models to reduce emissions; the availability of and our ability to access and implement the technology necessary to achieve our environmental targets at reasonable and sustainable costs; the development and performance of technology, innovation and the future use and deployment of technology and associated expected future results; the accessibility at sustainable costs of carbon and renewable energy instruments for which a market is still developing and which are subject to risk of invalidation or reversal; environmental regulation, and our ability to leverage our supplier relationships and our sustainability advocacy efforts. Management believes that these estimates, expectations, and assumptions are reasonable as of the date hereof, and are inherently subject to significant business, economic, competitive, and other uncertainties and contingencies regarding future events, and are accordingly subject to changes after such date. Forward-looking statements are intended to provide shareholders with information regarding Saputo, including our assessment of future financial plans, and may not be appropriate for other purposes. Undue importance should not be placed on forward-looking statements, and the information contained in such forward-looking statements should not be relied upon as of any other date. Unless otherwise indicated by Saputo, forward-looking statements in this report describe our estimates, expectations, and assumptions as of February 5, 2026, and, accordingly, are subject to change after that date. Except as required under applicable securities legislation, Saputo does not undertake to update or revise forward-looking statements, whether written or verbal, that may be made from time to time by itself or on our behalf, whether as a result of new information, future events, or otherwise. All forward-looking statements contained herein are expressly qualified by this cautionary statement. Caution Regarding Forward-Looking Information 2
Page 3
One of the Top 10 Dairy Processors in the World CANADA One of the top three dairy processors delivering diverse, high-quality dairy products and cheeses under leading national and regional brands USA One of the top three cheese producers and one of the largest producers of extended shelf-life and cultured dairy products AUSTRALIA A leading dairy producer of cheese, milk powders, and dairy ingredients to retail, foodservice and industrial customers ARGENTINA Leading dairy producer, offering cheese, milk powders, and value- added dairy products for domestic and export markets UK Leading manufacturer of branded cheese and dairy spreads ~11 billion liters of milk processed annually2 57 plants 62 distribution centers 2 innovation centers ~19,400 employees2 Products sold in over 60 countries2 LTM* REVENUES $18,993 LTM* ADJUSTED EBITDA1 $1,744 1. This is a total of segments measure and does not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the quarter ended December 31, 2025, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure. 2. For the fiscal year ended March 31, 2025 (in millions of CDN dollars). • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) Canada USA International Europe 3 Leading positions in Canada, the USA, Australia, Argentina, and the UK LTM* NET EARNINGS $644 LTM* ADJ NET EARNINGS1 $745 28% 45% 20% 7% 40% 38% 15% 7%
Page 4
4 Throughout our history and growth, we have maintained our culture by staying focused on the values that define us A family-oriented environment Efficiency through simplicity Ownership and commitment A hands-on approach Passion We use our innate sound judgment and question the status quo We seek the well-being of colleagues and encourage their success We assume the consequences of our decisions and make sure to be available to help others We are proactive and thrive to be where the action is We enjoy our work and proudly show it Our Values
Page 5
Adjusted EBITDA1 FY 1997-2026 • Significant acquisitions in the US, Australia, UK, and Argentina since 2014 • Diversified global footprint to capture regional opportunities • Products now sold in over 60 countries Global Expansion • Multi-year capital investment plan to drive organic growth and operational excellence • Targeted facility expansions and modernizations to drive efficiency and capacity • Investments & consolidation in the US, Australia and UK to improve efficiencies and operational benefits Growth Through Capital Investments • Capitalizing on growing consumer demand for affordable protein • Aligned with long-term consumer trends of health and wellness, convenience, and occasional indulgence Rising Demand for Dairy Products Our History of Growth: International Expansion, Investments & Rising Dairy Demand 5 1. Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the quarter ended December 31, 2025, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure. • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM*
Page 6
6 Our Industry-Leading Platforms With Clear Strategic Contributions Delivering steady growth in a resilient market Transforming for growth in a high- potential, expansive market Driving global diversification and positive positioning for future consumers in export markets One of the top three dairy processors delivering diverse, high-quality dairy products and cheeses under leading national and regional brands Canada Sector 40% of consolidated LTM* adjusted EBITDA1 Top dairy processor in Argentina and leading dairy processor in Australia 1. Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the quarter ended December 31, 2025, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure. • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) Distinct strengths, unified strategy Leading manufacturer of branded cheese and dairy spreads in the UK of consolidated LTM* adjusted EBITDA1 One of the top three cheese producers and one of the largest producers of extended shelf-life and cultured dairy products 38% of consolidated LTM* adjusted EBITDA1 USA Sector International and Europe Sectors 22%
Page 7
Investment Highlights Attractive Market Opportunity Proven Competitive Advantages Well-Defined Earnings Growth Strategy Extract the full value of our FY22-FY25 investments Enhanced commercial strategy to support our leading brands, invest in innovation and expand distribution Drive operational and administrative efficiencies to remain a low-cost manufacturer of high-quality dairy products 7 Strong and steadily growing dairy market with specific sub-segments poised for higher growth1 Resilient supply chain3 Leading market positions and diversified commercial presence4 Sustainable operating cash flow and disciplined allocation of capital6 Operational excellence and manufacturing expertise 2 Strong and seasoned leadership team5 7
Page 8
The Power of Dairy Milk Versatility Meets Consumer Value Focus on health and wellness Wide range of products from the same versatile input Relevancy to growing consumer food trends Greater expectations and eco-consciousness Demand for convenience Indulgence and enjoyment 8 Dairy Foods Milk Versatility Consumer Value Milk From farm to table: unlocking the full potential of dairy Strong and steadily growing dairy market with specific sub-segments poised for higher growth 1 Cheese Fluid Milk By-products / Ingredients Attractive Market Opportunity Value-seeking behaviors
Page 9
Making every drop count 9 57 plants The Saputo Way: Our Manufacturing Model Large scale Efficient and low-cost Best practices to maximize capacity utilization, operating metrics and profitability Continuous improvement mindset Food safety and quality 62 distribution centers 2 innovation centers Operational excellence and manufacturing expertise 2 Proven Competitive Advantages
Page 10
Resilient by design, responsive in change Sourcing raw material (milk) and other inputs 1 Market segments (customer mix) and brand portfolio 4 Logistics: warehousing, distribution, transport 3Production outputs2 Locally sourced cost-effective raw materials (milk) Mainly distributed & consumed domestically Complementarily exported where the collaboration of our divisions ensures agility 10 Efficiently processed domestically Resilient Supply Chain 3 Proven Competitive Advantages
Page 11
Retail 48% Industrial 19% Foodservice 33% Canada 28% USA 45% International 20% Europe 7% LTM Revenues* LTM Revenues* Dairy Foods 33% Cheese 47% Milk 10% Ingredients 6% Non-Dairy 4% Balanced portfolio diversified across geographies, product categories, and channels Product Mix Market SegmentOperating Sector Revenues FY25 11 • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) Defensible market positions and diversified commercial presence 4 Proven Competitive Advantages
Page 12
CANADA USA AUSTRALIA ARGENTINA UK Market-Leading Brands Our brands are designed to resonate with local communities, with many featuring distinct market positions that enable us to harness shared consumer insights and capitalize on global innovation platforms 12 Defensible market positions and diversified commercial presence 4 Proven Competitive Advantages
Page 13
What distinguishes us are our dedicated employees and our strong, seasoned leadership team with extensive industry and region-specific knowledge 13 Strong and seasoned leadership team 5 Proven Competitive Advantages
Page 14
Flex • Operating cash flow momentum • More sustainable operating cash flow allows for financial flexibility and balance sheet optionality • Opportunities for opportunistic share repurchases • Builds financial capacity Invest • Increased capital expenditures for modernization plans have temporarily reduced operating cash flow generation • Working capital volatility driven by variability in dairy commodity markets, inflationary pressures, foreign exchange fluctuations, and seasonal factors, which have been more pronounced over the last few years Net Cash Generated From Operations 14 From Invest to Flex Capital Expenditures • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine- month period ended December 31, 2024) Strong operating cash flow and disciplined allocation of capital 6 Proven Competitive Advantages $434 $498 $641 $654 $416 $360 FY21 FY22 FY23 FY24 FY25 FY26F $1,078 $693 $1,025 $1,191 $1,097 $1,267 FY21 FY22 FY23 FY24 FY25 LTM*
Page 15
15 Clear Action Plan to Drive Performance and Transformation Extract the full value of our FY22-FY25 investments Enhanced Commercial strategy Drive operational & administrative efficiency Ensure we remain a low-cost manufacturer of high-quality dairy products and maintain our market competitiveness by continuing to invest in technology, automation, and by reducing internal cost inflation 7 Well-Defined Growth Strategy Driving operational excellence and unlocking efficiencies across every level of the business Support our focus brands, invest in innovation with key customers, and expand our portfolio’s global reach
Page 16
Average Annual Capex Investment to Decline in FY26 Delivering Benefits Driving improved efficiencies in existing plants Streamlining manufacturing footprint Modernizing operations and automating processes Supporting future growth and innovation Driving cost savings $405M $552M ~$360M –35% 16 Strategic Multi-Year Investment Plan to Drive Growth and Operational Efficiencies Extract the full value of our FY22-FY25 investments 7 Well-Defined Growth Strategy
Page 17
17 Strategic Asset Optimization Ongoing business improvement From FY22 - FY25, we have: North America Rest of World Permanently closed 4 plants Permanently closed 3 plants Modernized and expanded mozzarella facilities Significantly rationalized capacity in 3 plants Consolidated cheese cut & wrap operations into a new conversion facility Divested 3 plants Expansion of string cheese operations Consolidated warehousing Improved operational efficiency through network optimization Achieved cost savings by reducing redundant facilities Enhanced focus on core facilities leads to better resource allocation Extract the full value of our FY22-FY25 investments 7 Well-Defined Growth Strategy
Page 18
Commercial Operating Model Support our focus brands, invest in innovation, and expand our portfolio’s global reach Driving sustainable revenue and margin growth Improving long-term customer value and revenue growth while enabling operational efficiency Diversifying our commercial strategy and building a more robust and competitive business Optimizing pricing, managing product portfolios and improving promotional effectiveness Invest behind data driven, insight-led choices Extract maximum market value from strategic choices 1 Marketing & Brand Management 2 Customer Relationship Management 4 New Market Entries & Expansion 3 Revenue Growth Management COMMERCIAL OPERATING MODEL 18 Enhanced commercial strategy to support our leading brands, invest in innovation and expand distribution 7 Well-Defined Growth Strategy
Page 19
Optimizing business processes • Streamlining logistics and inventory management • Standardizing operating procedures • SKU rationalization Operational efficiency • Manufacturing automation and efficiency programs • Reducing changeover times in production • SG&A optimization to unlock organizational efficiency Digital technologies • Leveraging AI to accelerate efficiency and effectiveness • Automating routine workflows and leveraging data-driven insights for faster, smarter decisions 19 Reduce Our Input Costs Through Operational Efficiency, and Day-To-Day Business Processes Optimization Drive operational and administrative efficiencies to remain a low-cost manufacturer of high-quality dairy products 7 Well-Defined Growth Strategy
Page 20
Balanced Approach to Capital Allocation Dividends 2.4% dividend yield Share Buybacks NCIB for 5% of S/O Capital Investments Inline with D&A (Long-term expectation) Mergers & Acquisitions Disciplined & strategic approach Net-debt-to-adjusted EBITDA1 Strategic Allocation of Capital to Optimize Adjusted EPS1 Growth 20 1. Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the quarter ended September 30, 2025, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure. • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) Return capital to shareholders Growth 1.9 2.8 2.6 3.5 2.4 2.3 2.1 1.8 FY19 FY20 FY21 FY22 FY23 FY24 FY25 LTM Long-Term Target Ratio 2.25x x x x x x x x x
Page 21
Our Value Creation Building Blocks 21 Market opportunity & portfolio optimization Commercial initiatives & brand leadership Operational & supply chain efficiency Financial levers and capital allocation Global demand dynamics, value-up strategy, future growth platforms, double-down where we possess scale and route-to-market strength Product innovation and pipeline acceleration, consumer equity and trust, route-to-market expansion and strategic customer alliances Automation, network optimization, cost discipline, and continuous improvement culture Disciplined capital allocation, optimize working capital, and balance debt, dividends, and share repurchases Foundation for growth Growth engine Margin expansion Accelerator EPS growth Strategic acquisitions to capture market opportunities more quickly Long-term shareholder value creation
Page 22
22 FY26 Growth Catalysts – Unlocking Value in the Near-Term Strategic investments, regulatory changes, and market momentum to drive FY26 performance Capital Investment Ramp-Up – Efficiency gains and capacity expansion coming online. FMMO Reform – Regulatory shift supporting stronger U.S. pricing environment and stabilizing costs. Volume – Improved service levels and fill rates, customer relationship management and new customer programs. Share Repurchase Program – Opportunistic buybacks driving EPS accretion. Operational Leverage – Higher throughput boosting margins. EBITDA Expected to Improve Across All Sectors – Broad-based year-over-year earnings growth.
Page 23
Investor Relations Nicholas Estrela Senior Director, Investor Relations Saputo Inc. 1000 de la Gauchetière Street West, Suite 2900 Montréal, QC Canada H3B 4W5 514-328-3117 nicholas.estrela@saputo.com www.saputo.com 23
Page 24
Appendix 24
Page 25
FY20 FY21 FY22 FY23 FY24 FY25 LTM* A History of Strong Operational Cash Flow Generation • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) Net cash generated from operations since FY2020 Strong operational cash flow generation across commodity environments to drive acquisition strategy and growth initiatives 25 Average: $1.06B
Page 26
Net Debt1 and Leverage Ratio 1. Refer to the “Glossary” section of our Management’s Discussion and Analysis for the quarter ended September 30, 2025, which is incorporated by reference herein. 2. Adjusted EBITDA is a total of segments measure and does not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, it is unlikely to be comparable to similar measures presented by other issuers. Refer to the section entitled “Non-GAAP measures” of our Management’s Discussion and Analysis for the quarter ended September 30, 2025, which is incorporated by reference herein, for more information on this measure, including a reconciliation to net earnings being the most directly comparable IFRS financial measure. • Last Twelve Months (LTM) (calculated by adding the actual results for the nine-month period ended December 31, 2025 (in millions of CDN dollars), to the actual results for the year ended March 31, 2025, and subtracting the actual results for the nine-month period ended December 31, 2024) Moody’s Baa1 DBRS BBB (high) Credit ratings FY23 FY24 FY25 LTM Net debt1 3,777 3,520 3,337 $3,062 Net debt to adjusted EBITDA2 leverage ratio 2.43 2.33 2.13 1.76 Net debt1 and leverage history Target 2.25 Saputo targets a long-term leverage of approximately 2.25 times net debt to adjusted EBITDA2. From time to time, the Company may deviate from its long-term leverage target to pursue strategic opportunities LTM 1.76 Net debt to adjusted EBITDA2 leverage ratio 26
Page 27
Dividends The annual dividends presented take into consideration the effect of three stock splits: 1. Stock split of 2:1 on November 30, 2001 2. Stock split of 2:1 on December 21, 2007 3. Stock split of 2:1 on September 29, 2014 Dividend Policy Quarterly dividend of $0.20 per share (FY26) Annual dividend per common share (1) (2) (3) 27 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 FY14 FY16 FY18 FY20 FY22 FY24 FY26 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $0.80